The gold prices They rose 2% this Monday, hitting their highest level in two weeks, after weak economic data in the United States that reinforced expectations of a cut in Federal Reserve interest rates next month, while a weaker dollar lent further support to bullion.
Spot gold gained 2% to $4,078.45 an ounce, its highest since Oct. 27. Gold futures in the United States for delivery in December improved 1.9%, to $4,087.1.
He dollar index was down 0.1%, making gold cheaper for foreign buyers.
“There are concerns about the US economy due to weak data, and the main focus remains the dollar index,” said Jigar Trivedi of Reliance Securities.
The purchase of refuge assets It has also risen due to the persistent trade war and geopolitical tensions, supporting bullion, Trivedi added.
Last week’s data showed that the US economy lost jobs in Octoberwith declines in the government and retail sectors.
Additionally, U.S. consumer confidence hit a nearly 3-1/2-year low earlier in the month, weighed down by concerns about the economic fallout from the Longest government shutdown in historya survey showed on Friday.
In other precious metals, the silver spot rose 3.1%, to $49.79 an ounce, reaching its highest since October 21; the platinum gained 1.6%, to $1,570.15; and the palladium It added 1.4%, to $1,399.93.
